Glades Electric Cooperative Inc
- Assets
- $161.8m
- Revenue
- $48.1m
- Investments
- $313.4k
- Employees
- 80
- Location
- Moore Haven, FL
- Founding
- 08/1949
- Data as of
- 12/2021
- EIN
- 59-0538145
Organization Overview
Glades Electric Cooperative Inc is located in Moore Haven, FL. The organization was established in 1949. According to its NTEE Classification (W80) the organization is classified as: Public Utilities, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2021, Glades Electric Cooperative Inc employed 80 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Glades Electric Cooperative Inc is a 501(c)(12) and as such, is described as a "Benevolent Life Insurance Association, Mutual Ditch or Irrigation Company, Mutual or Cooperative Telephone Company" by the IRS.
For the year ending 12/2021, Glades Electric Cooperative Inc generated $48.1m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.2%) each year. All expenses for the organization totaled $47.4m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (0.4%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE EXCEPTIONAL SERVICE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
UTILIZING APPROXIMATLEY 2,600 MILES OF ELECTRIC DISTRIBUTION AND TRANSMISSION LINES, GLADES ELECTRIC COOPERATIVE, INC. PROVIDED ELECTRICITY TO APPROXIMATELY 17,400 RESIDENTIAL, COMMERCIAL, AND INDUSTRIAL SERVICES LOCATED IN THE SOUTH FLORIDA COUNTIES OF GLADES, HENDRY, HIGHLANDS AND OKEECHOBEE.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jeffery R Brewington Chief Executive Officer | Officer | 60 | $410,282 |
Travis Turner Chief Operations Officer | Officer | 55 | $161,693 |
Jesse Wallace Chief Technology Officer | Officer | 50 | $151,829 |
Jennifer Manning Chief Financial Officer | Officer | 60 | $145,138 |
James Morrissey Power Supply Manager | 50 | $129,209 | |
Courtney Brown Chief Personnel Officer | Officer | 50 | $125,670 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
The Davey Tree Expert Company Right Of Way Trimming | 12/30/21 | $2,478,545 |
Pike Electric Llc Powerline Construction | 12/30/21 | $3,359,379 |
Tomberline Pole Treatment Pole Inspections | 12/30/21 | $350,622 |
Scotts Commercial Contracting Llc Boring Company | 12/30/21 | $303,795 |
Stanley Utility Contractor Llc Boring Company | 12/30/21 | $135,241 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $47,834,853 |
| Investment income | $86,319 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $130,292 |
| Net Gain/Loss on Asset Sales | $67,502 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $48,091,889 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $2,944,055 |
| Compensation of current officers, directors, key employees. | $1,558,982 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $3,740,245 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,142,132 |
| Insurance | $0 |
| All other expenses | $2,669,989 |
| Total functional expenses | $47,397,934 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $592,575 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,985,301 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $478,808 |
| Inventories for sale or use | $248,500 |
| Prepaid expenses and deferred charges | $1,101,949 |
| Net Land, buildings, and equipment | $135,976,336 |
| Investments—publicly traded securities | $4,321,904 |
| Investments—other securities | $313,368 |
| Investments—program-related | $14,763,571 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $161,782,312 |
| Accounts payable and accrued expenses | $3,889,247 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $99,961,327 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $3,061,856 |
| Total liabilities | $106,912,430 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $54,869,882 |
| Total liabilities and net assets/fund balances | $161,782,312 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Glades Electric Cooperative Inc has recieved totaling $16,400.
| Awarding Organization | Amount |
|---|---|
Florida Electric Cooperatives Assn Tallahassee, FL PURPOSE: HURRICANE RELIEF | $16,400 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Satilla Rural Electric Membership Corp Alma, GA | $268,716,625 | $122,190,964 |
Diverse Power Incorporated Lagrange, GA | $239,882,222 | $117,829,336 |
Choctawhatchee Electric Cooperative Inc Defuniak Springs, FL | $360,891,875 | $124,274,504 |
Blue Ridge Mountain Electric Membership Corp 101-10 Irc Young Harris, GA | $245,553,260 | $112,097,199 |
Peace River Electric Cooperative Inc Wauchula, FL | $298,485,094 | $110,943,049 |
Amicalola Electric Membership Corp Jasper, GA | $201,848,786 | $100,500,156 |
Central Alabama Electric Cooperative Prattville, AL | $339,092,082 | $97,489,806 |
Institute Of Nuclear Power Operations Atlanta, GA | $114,402,885 | $104,860,180 |
Hart Electric Membership Corp Hartwell, GA | $227,728,767 | $84,026,536 |
Georgia System Operations Corporation Tucker, GA | $29,189,224 | $80,847,817 |
Okefenoke Rural Electric Membership Corporation Nahunta, GA | $179,241,963 | $74,995,263 |
Sand Mountain Electric Cooperative Rainsville, AL | $117,656,125 | $77,979,953 |